Applying for a Personal Loan? Here's what you must know | CASHe Blog

Personal loan is one of the quickest and simplest credit options available for meeting financial shortfalls. This option comes with no end usage restriction on proceeds, requires zero collateral, and is usually processed within 2-7 days of application submission. Personal loan interest rates usually range anywhere between 9 and 24 % p.a. However, financial institutions review the loan applicant’s credit score, monthly income, job profile and crucial documents before approving the loan.

Key documents required for personal loan may vary from lender to lender. Additionally, the personal loan documents requirement depends on the category the applicant belongs to (salaried, pensioner, self-employed or NRI).

Here’s a list of common personal loan documents that you require submitting along with your loan application form: 

Documents required for salaried applicants

Salaried applicants are required to hand over the listed documents with a duly filled application form for personal loan:

Identity proof (anyone)PANPassportVoter ID
Driving licenseAadhaar card
Address proof (anyone)PassportAadhaar cardUtility bill (telephone, water, electricity, gas etc.)Aadhaar cardRation cardDriving license
Residence ownership proof (anyone)Maintenance billProperty billElectricity bill
Income proofSalary slips of at least last 3 monthsBank statements showing salary credit for last 3 months
Proof of employment (anyone)Current employment letterCurrent appointment letter
Tax paid (anyone)Form 16IT returns for two years
Investment proof (if any)Fixed assets, shares, fixed deposit etc.
Existing debts (if any)Sanction letter and payment history
PhotoOne passport size photo

Documents required for pensioners

A pensioner should have below documents handy along with the personal loan application form:

ID and age proof (anyone)Voter ID cardRation cardAadhaar cardPassportPAN cardBirth certificateDriving licenseSchool leaving certificate
Address proof (anyone)Ration cardDriving licensePassportAadhaar cardUtility bill
Income proof (anyone)Past 6 months’ bank statement to check the pension credit detailsBank passbookPension payment order copyForm 16Income Tax (IT) return
PhotoPassport size photo

Documents required for self-employed applicants:

Self-employed applicants are required to submit the listed documents along with a filled up personal loan application form:

Identity proof (anyone)PassportVoter cardPAN cardDriving licenseAadhaar card
Address proof (anyone)Aadhaar cardPassportDriving licenseRation cardUtility bill (water, telephone, gas, electricity etc.)
Office address & ownership proof (anyone)Property documentsMaintenance billElectricity bill
Residence ownership proof (anyone)Electricity billMaintenance billProperty documents
Business existence proof (anyone)Shop establishment proofCompany registration licenseGST registration copy
Professional degree certificateOnly required in case you are a self-employed professional like doctor, chartered accountant, lawyer etc.
Income proofAudited balance sheet & P/L accounts including the tax audit reportPast two years income tax (IT) returns along with income computation duly attested by a CA.
Bank statementCurrent/savings account bank statement or bank passbook record of past 1 year
Investment proof (if any)Investments like fixed assets, fixed deposit, shares etc.
Any existing debtsSanction letterPayment history
PhotoPassport size photo

Documents required for NRI applicants

Following documents are to be submitted by NRI applicants along with a duly filled up personal loan application form:

ID proofVisa copyPassport copy
Employment proofJob contractAppointment letterID cardOfficial mail ID or email ID of the HR
Income proofPrevious six months bank statementPrevious six months’ salary slips
PhotoPassport size photo

Conclusion

Personal loan is an unsecured credit option that can be used to meet any personal financial requirement like debt consolidation, medical expenses, home renovation, business expansion, overseas travel etc. Make sure to go through the above listed personal loan documents that most lenders ask for and apply for personal loan online.